LeapFrog Economy Into The Future

Economic KPI Progress

World Bank's GDP Ranking (of 205)

Legatum Prosperity Index Ranking (of 149)

Economic Freedom Score (of 100)

Sources:
BTI Project. (2018).
Heritage Organization. (2018).
The Legatum Prosperity Index. (2018).
World Bank. (2017).

Key Result Progress

0
GDP (2020)
0
EXPORT COSTS/CONTAINER (THOUSAND $)
0
GROSS NATIONAL EXPENDITURE (OF GDP)

Economy Vision & Roadmap

Economy Vision

The global economy will witness significant economic changes the coming years, and we intend for Sudan to be at the heart of this change by becoming a vital industrial, touristic, and commercial center for millions of people all around the world. 

Top Challenges

The 2011 Secession of South Sudan

The 2011 secession of South Sudan negatively affected the economy as Sudan lost 75% of its oil production fields, its primary source of revenue.  

U.S. Financial Sanctions

Sudan has battled with economic instability for a long time, partly because of the US financial sanctions that were imposed in 1997. Although the US lifted its sanctions in October 2017, Sudan’s economy remains fragile since the country remains classified as a “sponsor of terror,” which limits access to debt relief and international financial aid. 

2018 Economic Changes

The economic situation severely worsened in Sudan in 2018 due to a set of financial restructuring reforms to access foreign exchange and governmental funds as recommended by the International Monetary Fund (IMF). This has, in turn, led to high inflation rates combined with high external debts, declining national GDP, and the rapid depreciation of the hard currency, altogether decreasing the private sector’s and the government’s ability to import necessary commodities such as fuel, wheat, and medicines.  

Adverse Effects of Sudan’s Economic Crisis

The economic crisis not only increased food and non-food prices sharply but further impacted health services, industrial and agricultural activities across SudanAt the end of 2018, living costs were at an all-time high, leading to decreased purchasing power, while public salaries have not been adjusted since 2012, leaving many households struggling to meet their basic needs

Open Markets

The average applied tariff rate is 17.5%, and non-tariff barriers impose additional severe impediments on trade flows. Investment remains largely reserved for the hydrocarbon sector, and access to credit remains limited, with only 17% of adult Sudanese having access to an account with a formal banking institution.

Rebuilding the Conceptual Image of Sudan

Sudan needs to change its current conceptual image that emerged as a result of the war before it becomes attractive to foreign investment and support and builds balanced international relations.

Voice of the People

Top Recommendations

Short-Term

Enhancing Economic Activity

Achieving higher levels of economic productivity through diversification, technological innovation, and upgrading by focusing on high value-added and labor-intensive sectors.  

Promoting Development- Oriented Policies

Promoting development-oriented policies that support productive activities, decent job creation, entrepreneurship, creativity and innovation, and by encouraging the formalization and growth of micro, small, and medium-sized enterprises, by enhancing access to financial services. 

Focusing on Youth Employment and the Global Jobs Pact

Developing and Operationalizing a global strategy for youth employment and implement the Global Jobs Pact of the International Labor Organization. 

Long-Term

Achieving Full Productive Employment

By 2030, achieving full and productive employment and decent work for all women and men, including youth and people with disabilities, and ensuring equal pay for work of equal value.  

Promoting Sustainable Tourism

By 2030, devising and implementing policies to promote sustainable tourism that creates jobs and promotes local culture and products. 

Enhancing Domestic Financial Institutions

Strengthening the capacity of domestic financial institutions to encourage and expand access to banking, insurance, and financial services for all. 

Economy Projects

Expert and citizen teams advising the government

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